FT Inc. estimated its allowance for uncollectible accounts at 2% of the ending balance of accounts receivable. During 2017, the company's credit sales amounted to $259,000 and cash collected amounted to $242,000. Determine the balance of accounts receivables on January 1, 2017, if accounts receivable written off during the year were $1050 and if the allowance account had a balance of $1,550 on December 31, 2017? a. $17,000 b. $77,500 c. $16,500 d. $15,450

FT Inc. estimated its allowance for uncollectible accounts at 2% of the ending balance of accounts receivable. During 2017, the company's credit sales amounted to $259,000 and cash collected amounted to $242,000. Determine the balance of accounts receivables on January 1, 2017, if accounts receivable written off during the year were $1050 and if the allowance account had a balance of $1,550 on December 31, 2017? a. $17,000 b. $77,500 c. $16,500 d. $15,450

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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